Start-up businesses of computer games and internet software applications are being invited to submit for funding under a new government led initiative to help start-ups go global.
Enterprise Ireland has launched the initiative called the Internet and Games Competitive Start Fund to help internet and games start-ups get off the ground and launch new products and services in the international marketplace. This competitive fund is focused on providing start ups with critical early stage funding to explore and determine the market fit of their business and progress to product launch.
The new fund is being introduced on a pilot basis for 10 start ups in the internet and games sector, which can demonstrate an ability to develop their business internationally. The initial fund will be €500,000 but it is envisaged it will be expanded to include further sectors in early 2011.
Each of the 10 start ups will receive an equity investment of €50,000 for a 10 per cent ordinary equity stake. In addition to funding, each start up will be provided with an experienced business mentor to support it. The application process has been designed to be fast and efficient to allow the new start ups concentrate on validating their business concept and getting to market entry stage as quickly as possible.
Minister for Enterprise, Trade, and Innovation Batt O'Keeffe described the new fund as “a strategic investment in the future of Ireland's internet and games industry”.
“Games are one of the fastest growing markets in the world with an estimated value of more than €30 billion,” the Minister said. “In Ireland and the United Kingdom, the market for online games is valued at about €2 billion. Clearly, there is an enormous business opportunity there for Irish firms, and the Government, through Enterprise Ireland, is focused on helping internet and games entrepreneurs to capitalise on this rapidly growing market opportunity.”
Frank Ryan, chief executive officer of Enterprise Ireland, added: “A key focus of our software strategy is to further stimulate the emergence of internet based companies in Ireland and to broaden their international base and scale. This new fund will help a new cohort of internet and games entrepreneurs to set up and grow successful international businesses.”
An external panel including some of Ireland’s best known internet and games entrepreneurs has been assembled to evaluate applications. The closing date for applications is December 16, 2010 and the 10 selected companies will be named by the end of January 2011.
Application forms and detailed information are available at www.enterprise-ireland.com/igcsf
